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http://www.getrichlazy.com/investmentpropertymortgageloanfinancing.html Investment Property Mortgage Loan Financing is tough to get. Discover alternative real estate investing strategies that make it easy for you to finance your real estate purchases without a down payment or qualifying for investment mortgage loans.
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Cost of home (duplex) – 129,000
Down Payment – 15,000
Loan Amount – 114,000
Monthly Income before taxes – 3500 (annual $42,000)
Additional Income – House is leased I am not sure if rental agreement can be used as proof of the additional income the property will give me?
Amount of monthly debts/loans – 0
Credit Score – 589 (working to get it higher so lets say I get it to 620)
My plan was to use the home as a personal residence but in a year or 2 .. and to rent it out first (investment property) I have a good job in California and the duplex is in Texas .. Instead of moving there and trying to find good jobs over there and THEN getting a loan I figured why not use my current job to qualify .. what if I can get my score to 660 and I have 25k down .. better ?
There are several questions that need to be answered before you will be able to determine if this is an investment property or a home you plan to live in.
If this is a home you plan to live in the qualifications is as those are for a single family home. You can live in one side and rent out the other side. The interest rate will be less if you decide to reside in one side.
Even if it is simply an investment property you qualify as if it is a single family property. This goes for up to 4 units. The interest rate will be a bit higher since you are not residing there.
Since you have a 589 you might consider a FHA loan, the interest rates are competitive, it might take a little longer to close the loan. The down payment could be less than you plan, but investors do not want to tie up a lot of money in property any way. So if you can get in with 10% down it will look better and your bank account would be in better shape.
Most lenders will allow 75% of the rental income to be used as income when purchasing units.
I hope this has been of some use to you, good luck.
"FIGHT ON"
My brother and I need cash for a business venture and would like to take a loan out against an residential investment property that we co-own free and clear. Is our only option a Home Equity Loan? Ideally we would like to take advantage of the lower rates of a standard mortgage.
You’d want a cashout refinance, and then you’d take 100% of the loan proceeds, minus closing costs. Fixed mortgages have better rates than HELOCs, so a regular mortgage is the way to go.
lets say i the bank is financing 80% of the property that im purchasing as a real estate investor, in this particular situation is it like a person just buying a home to live in? as far as the the length of the loan, i here a lot about 30year fixed deals on average for home buyers but im talking about the loan terms between the bank and a investor are they different or could it be the same?
Generally speaking, investors can get the same "type" of loan as an owner occupant but the terms will differ. Two examples of types of loans are 30 year fixed and Interest Only. Both types of loans are available to investors and owner occupants. The difference between investor and owner occ loans will be the "terms" of the loan.
The terms of a loan are based on the risk to the lender of the loan. The higher the risk the loan poses to the lender, the more the terms are affected.
For instance, an investor loan poses a higher risk than an owner occupant loan. Because of the higher risk, the lender’s terms will reflect it by charging higher interest rate and require a larger down payment. While the "type" of loan is the same, the "terms" will differ.
Example:
Investor Loan:
Loan Amount: $250,000
Loan Type: 30 year fixed
Loan Terms: 20% down payment, 2 points, 7% interest
Owner Occupant Loan:
Loan Amount: $250,000
Loan Type: 30 year fixed
Loan Terms: 5% down payment, 1 point, 6.25% interest
As you can see, the loan amounts are the same but the risk to the lender is different. So for the same loan amount, the lender will charge more for the investor loan.
So while an Investor can get the same type of loan as an owner occupant, they will normally pay more to borrow the same amount of money.
Also, the lender’s terms are based on risk for all loans. Two owner occupant loans for the same amount can differ in terms according to the credit worthiness of each borrower. A borrower with excellent credit will receive better terms than a borrower with fair credit if both are applying for the same type of loan. And the difference can be big. A loan to a borrower with excellent credit could get the loan at a 6% interest rate. A borrower with fair or poor credit for the same loan amount might be charged an 8%-10% interest rate to account for the higher risk.
How much of a difference can that make? A loan of $250,000 for 30 years fixed rate at 6% interest will have monthly payments of $1,499.
Just changing the interest rate to 10% changes the monthly payments to $2,194.
In this example, a person with excellent credit would pay $695 a month less than a person with poor credit for the same amount of money borrowed.
Go to http://www.crystalclearmarket.com for lots of informative and valuable real estate articles.
Hope this helps. Good luck and happy house hunting!
Elliot Lau, Realtor of 22 years.
How much Cash do you need for buying a property, whether HDB flat or private property in Singapore?
If you want to use CPF to pay for your house or investment property, what are the factors to consider in order to plan your finances properly? All these and more are discussed by Dennis Ng on Channel 8 TV programme.
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Bird dogs earn 1% if you can bring in the buyer.
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How hard will it be to get a loan on an investment property? Things I need to look out for? Will my condo dues go up because it’s a rental? Are interest rates higher on investment property loans?
My bylaws state that I can rent, as long as I get them notice as to who is living there.
If you can go full doc (which means you are salaried not self employed) you should fair well rate wise.
But if you are self employed the rates will be higher due to rate adjustments to the rate such as: investment property, stated income, fico, cash/out, condo (low-rise/high rise) and LTV (loan to value needed). You can be charged anywhere from .25% – 2.00% added to your rate for the adjustments.
If you have say a middle fico of 660 that carries an added adjustment of 1.00% to your rate of 5.875% + 1.00 your rate would then be 6.88%. Your local banker or mortgage broker could give you a better breakdown of the add-ons to your rate.
Unfortunately, with the mortgage industry in the turmoil it’s in investment properties, jumbo loans carry the highest rates, because lenders are gun shy of investing in them at this time.
Best of luck
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How hard will it be to get a loan on an investment property? Things I need to look out for? Will my condo dues go up because it’s a rental? Are interest rates higher on investment property loans?
My bylaws state that I can rent, as long as I get them notice as to who is living there.
If you can go full doc (which means you are salaried not self employed) you should fair well rate wise.
But if you are self employed the rates will be higher due to rate adjustments to the rate such as: investment property, stated income, fico, cash/out, condo (low-rise/high rise) and LTV (loan to value needed). You can be charged anywhere from .25% – 2.00% added to your rate for the adjustments.
If you have say a middle fico of 660 that carries an added adjustment of 1.00% to your rate of 5.875% + 1.00 your rate would then be 6.88%. Your local banker or mortgage broker could give you a better breakdown of the add-ons to your rate.
Unfortunately, with the mortgage industry in the turmoil it’s in investment properties, jumbo loans carry the highest rates, because lenders are gun shy of investing in them at this time.
Best of luck
we are in australia – to purchase our investment property we got a mortgage on the property for 85% of the value and the balance we drew from our existing home loan. Is the interest on the amount drawn from our home loan deductible?
If it is a second of course it is.
